Europe scrapes out economic growth by dodging gas disaster

Economic output crept 0.1% higher in the last three months of 2022, European Union statistics agency Eurostat reported Tuesday, avoiding an outright downturn as warmer-than-usual winter weather shelved fears of energy rationing in Europe.

“Growth was still very weak,” said Rory Fennessy, European economist at Oxford Economics. He added that “the positive reading could mask underlying weakness in domestic demand” and that “private consumption is likely to have contracted.” While underwhelming, Europe's growth figure at least raises the chance it will scrape by without a technical recession even if economic expansion is negative in the first three months of this year. Two straight quarters of falling output is one definition of recession, although the economists on the eurozone business cycle dating committee use a broader range of data such as unemployment and the depth of the downturn.

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Europe scrapes out economic growth by dodging gas disasterEurope's economy scraped out meager gains at the end of last year as galloping inflation fed by high energy prices and Russia's invasion of Ukraine deterred people from spending in shops and restaurants. Yeh, too bad Canada couldn't have sold them the LNG, would have helped our economy too This is disinformation, those folks are suffering.
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